Over the last five or six years …Papaya Global Cost… functions on the service provider side and likewise on the supplier side from a payroll viewpoint so truly anticipating this discussion today um and yeah thank you very much for your time everyone fine thanks Johnny uh we’ll simply offer everybody another couple of uh well among the 30 seconds approximately to join we all work back to back nowadays so we’ll type of let them do that so it ‘d be rather interesting and I can see it going on currently just to hear where everyone is um it’s nice to to kind of like see where everybody comes from and I really do hope it’s much sunnier than it is in the UK today certainly not the peak of the sunshine is it it’s not no it’s it’s drizzling here it’s very really dreary and I wish I was elsewhere at this moment in time all right so let’s start our program for today is as follows um we are going to be looking at the difficulty years of handling International payroll why business preserve different
checking account payroll virtual wallets versus payroll bank accounts payroll payroll uh sorry papaya payroll payments forecasting payroll expenses using virtual payroll accounts streamlining papaya International payroll payments as a tactical possession uh we’ll likewise go over a wrap-up and that must leave his time at the really very end for a q a session so as the title of the webinar recommends payroll officers on moving to Virtual payroll accounts and here is why as dispersed to remote and Global workforces end up being more and more common and handling them becomes increasingly more intricate Worldwide organizations are wanting to find Solutions and brand-new methods to improve processes especially from a payroll and cross-border payment viewpoint numerous organizations keep separate checking account just for payroll while some have numerous accounts in various countries does it make sense for business to preserve separate savings account sometimes in different countries it does however just for payroll is there a better method what role do virtual accounts and digital wallets also known as virtual wallets play in helping multinational business improve the episode complex processes of
Guaranteeing precise, efficient, and prompt payroll payments is a complex obstacle for services running worldwide. Join us for a webinar to check out the benefits and downsides of payroll wallets versus payroll bank accounts, find out how business forecast payroll expenses to optimize working capital, and discover how simplifying global payroll payments can change them from a difficult task into a strategic possession.
Handling payroll worldwide is a complicated job due to various regulations, compliance requirements, information security concerns, and banking rules. The large variety of employees and organizations contributes to the intricacy, with an approximated 3.5 billion individuals in the worldwide workforce, 500 countless whom are in Africa, and 230 million companies worldwide.
Traditional payroll systems often result in manual processes, data silos, and an absence of combination, causing inconsistencies and inadequacies. In spite of residing in an age of technological developments, payroll management has actually been slow to adapt, with as much as 25% of payroll still processed by hand, typically using pen and paper. This webinar objectives to provide insights and solutions to streamline and enhance global payroll payments.
about it to give you an idea of how far there still is to come according to Deloitte only 11 of businesses state they have Workforce data in real time that’s another number that provides me sleep deprived nights and rather honestly the more an organization spends on global payroll the less of a photo they see a lack of exposure likewise encompasses payroll payments and inability to accurately track these payments can lead to compliance incidents in the last mile of the transaction nearly half of worldwide companies have revealed that they do not have the level of standardization they require in their processes or desire and as a result eighty percent of mistakes are because of time reporting poor HCM information information entry mistakes badly communicated hires and terminations in addition to absence management and system setups and then when you round all of it off and the information is shipped to the wrong place the typical expense of an international data breach at this moment is 3.9 billion dollars once payrolls are done we still need to move the cash all over the world payroll and payments don’t run smoothly if they rely on the required multiple procedures systems and partners it is just not possible so Johnny from a payments point of view and in your experience what else requires to be factored into the obstacles service face when they’re making payments to employees or otherwise that’s an excellent concern I always throw this back and say what is it what does not require to be consisted of ideal and what does
it require to be thought of there’s varying Bank information so the length of an eye band a swift an account number routing code per country there’s payment timespan there’s payment abilities so can you pay it from International or do you have to pay from an in-country account do you have to pay from the client’s own in-country account so there’s intricacy any place you look best eventually developing a knowledge base is definitely critical but all over you look with payroll payment they are like extremely payments no if but some babies about it you are all superheroes processing payments for payroll if you look at the sort of link in between fintech and payroll it’s closer than ever I believe there’s now a bit more acknowledgment that payroll payments are definitely basic and innovation is allowing us to sort of progress with that it also also to contribute to that payroll and finance require to work closer together um with varying Savings account Particulars varying banking requirements and setup procedures is definitely essential that payroll and finance teams work more detailed together than ever um I’m always astonished when individuals state I’ve split payroll and payment um if you walk down the street and asked anyone what is payroll who does not work in the payroll occupation would they divide the payroll payment from calculation I would say no so why do we as an industry accept that why our payroll and payments so often split and cut up um eventually it’s payroll is an end-to-end process it’s the point of data collection all the way through to paying people anywhere they are however also paying statutory authorities and on statutory third parties so with the
world we reside in and well-being being increasingly more essential to add to kind of the level of intricacy there’s increasingly more advantages being organ or being provided by organizations across the world so once again you’re simply wanting to add more and more payments to this currently complicated landscape so if you type of got any experience well I’m from your vast experience here and I make certain however have you got any experience in kind of genuine difficulties or real difficult sort of pay utilizes to play to pay individuals I believe yeah I mean over the last well yeah a number of years I would certainly say that the bigger an organization gets the more it tends to segregate the payroll and the payments functions um there are teams doing one part of the task there are teams feeding details into the next function as it were that’s actually handling the payment side of things but you know in in my viewpoint and my experience that does not necessarily need to be the case you know long gone are the times where we require to develop additional handoffs while doing sos that we run in they simply make them more timely they make them less efficient and they do not make them what they need to be in in an age of tech and an era that you know that we are working in today there is no reason that we are still making this as hard as it requires to be concurred and appropriately as you said payroll is the single most significant liability that any business has from an expense point of view from an effect point of view on workers it is absolutely vital that it’s done correctly and on time so what we imply by that is not a day before not a day after on pay day and payments need to be done right it has the most significant detrimental effect on people’s well-being and numerous other aspects if people aren’t paid uh I’ve constantly been surprised coming into this Market type of the last 5 to 10 years is how little thanks the
The payroll group may not have been thanked for correctly processing payroll during a webinar. If anybody has actually been thanked, it would be terrific to hear their success story, whether it’s from all staff members or not. Payroll is an important cycle, and individuals just notice when things fail. However, when things go right, it’s viewed as simply a routine task. This is how it’s viewed externally too. For that reason, it is essential to make sure that tasks like Wi-Fi Global and other vital matters are done correctly. Utilizing the very first International Payments very first payroll payment solution is a fantastic preliminary action towards offering a comprehensive payroll solution for employees worldwide. Standardization, international procedures, and reducing the number of tools, platforms, and bank accounts essential for worldwide payroll are essential factors in attaining organization success. While we don’t anticipate a hundred thousand thank yous within a payroll cycle, we do periodically receive a few problems when things do not go as planned. Ultimately, we do not do it for the appreciation.
anyway we understand how how crucial a function it is and that’s why we do it that’s why we get on with it and this is why we’re talking today about making it as simple as possible for everybody that’s associated with those processes and likewise so picture sorry I’m just I was just gon na say imagine the quantity of thanks you got if you might cover the amount of individuals that we cover within this webinar I’m sure we’re talking about hundreds of thousands possibly Millions envision getting that lots of thank you notes um I indicate it ‘d be interesting to see the number of Post-it notes you got however it would definitely be an intriguing task attempting to clean up all those up for sure oh definitely I can’t picture the size of my my Outlook inbox if that held true um you ‘d need days of the week to try to check out them and in fact see what was going on and type of shot to return to everyone so proceeding look why do business pick to primary different savings account there are Papaya Global Cost services out there doing precisely this for specific countries and I have actually worked in a service or numerous organizations doing exactly that I can state it doesn’t constantly feel effective and it does create more work I understand we’re not intentionally doing that we’re not creating extra work for anybody where we don’t need to and anyone that’s dealing with that process I ‘d be interested to hear your ideas Johnny why do you believe that we’re doing that in in the in the amount that we are I believe lots of reasons one is it’s the standard I believe people have actually got so used to we require a new bank account we open an entity and rightly so you require it for payroll functions but there are a number of markets where it’s not a requirement so I believe it’s simply been the standard and the norm individuals have embraced and continue to do over years and years passed by to add to that people have looked at things like trust accounts and many other methods um to to kind of do it so I believe there’s a range I think this is a procedure that needs taking a look at it needs altering however ultimately people are really stuck with what they’re familiar
with right um change is a hard thing all of us don’t like change um so I believe it’s just sort of moving away from the standard as we have actually said so yeah so it keeps a lot of track of stuff um I comprehend obviously the benefits of having keeping numerous savings account but there’s a big quantity of complexity opts for setting up a bank account keeping it ensuring it can send International transfers ensuring it’s set up with the right user accesses for specific people so the intricacy is huge but I think the sincere answer is modification um individuals haven’t had the ability to alter or have not had always the understanding to actually make that change into alternate Solutions besides opening a bank account I think you’ve hit the nail on the head I believe it is knowledge you know and there is an aspect of resistance to change however we’ve always done it that way is no real excuse for not taking a look at the the advantages and the possibilities of carrying on and moving into you know what might practically be determined to be the next Century approximately there is a lot to track and this method does pose several difficulties um so Johnny might you inform us about those obstacles yeah of course so there’s a range right there is so
I just did you changed our Enterprise to OS so now we can do our payroll and payments operation on a single platform yes it’s like our CFO got a CFO for their CFO and now that I bulletproof payments to our 10 000 Global employees you should have a corner workplace with a better parking space due to the fact that I mastered Worldwide payroll and payments with Papaya payroll OS did you Papaya Global Cost